MeritValue

INGLES MARKETS INC

IMKTAdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'epsDiluted'

The thesis, from the filings

INGLES MARKETS INC earns about 9% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.99B1$5.68B2$5.89B3$5.64B3$5.33B3
Net income$249.7M4$272.8M5$210.8M6$105.5M6$83.6M6
Operating cash flow$306.3M7$339.5M8$266.4M9$262.5M9$154.1M9
Capital expenditure$140.6M10$119.6M11$173.6M12$210.9M12$114.5M12
Free cash flow (derived)$165.7M7$219.9M8$92.8M9$51.7M9$39.6M9
Total debt$1.18B13$1.14B14$1.1B15$1.07B16$1.03B16
Cash & equivalents$70.3M17$267.2M18$328.5M18$353.7M18$366.2M18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 13%FY22 14%FY23 10%FY24 5%FY25 4%

It earned an average 9% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 13% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-25 · accession 0000050493-23-000021 (Revenues)
  2. 10-K · period ending 2022-09-24 · accession 0000050493-24-000018 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0000050493-25-000019 (Revenues)
  4. 10-K · period ending 2021-09-25 · accession 0000050493-23-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-24 · accession 0000050493-24-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0000050493-25-000019 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-25 · accession 0000050493-23-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-24 · accession 0000050493-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0000050493-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-25 · accession 0000050493-23-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-09-24 · accession 0000050493-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-09-30 · accession 0000050493-25-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-09-25 · accession 0000050493-22-000018 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-24 · accession 0000050493-23-000021 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0000050493-24-000018 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-28 · accession 0000050493-25-000019 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-25 · accession 0000050493-24-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-09-24 · accession 0000050493-25-000019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)